Affordable Housing In Oakwood
Vermilion County, Illinois

1 Low Income Apartment Communities In Oakwood

Oakwood Manor

103 Lake Bluff Dr
Oakwood, IL
Subsidized
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Housing Authorities that serve Oakwood

Housing Authority Programs
Housing Authority of the County of Vermilion Ill. Section 8 Housing Choice Voucher (HCV); Public Housing
Housing Authority of the City of Danville Section 8 Housing Choice Voucher (HCV); Public Housing; Veteran Affairs Supportive Housing (VASH); Family Unification Program (FUP)

Guide To Affordable Housing in Oakwood, Illinois

There are 1 low income housing apartment communities offering 0 affordable apartments for rent in Oakwood, Illinois. Oakwood features 0 low income apartments with rental assistance where households typically pay no more than 30% of their income towards rent. Additionally, there are 0 other low income apartments that don't provide direct rental assistance but remain affordable to low income households in Oakwood.

Sourced from federal housing data and AffordableHousingOnline.com research.

Oakwood, IL Affordable Housing Snapshot

Total Affordable Apartment Properties 1
Total Low Income Apartments 0
Total Housing Units with Rental Assistance 0
Percentage of Housing Units Occupied By Renters 25.86%
Average Renter Household Size 2.57
Average Household Size 2.27
Median Household Income $50,048 ±$5,074
Median Rent $639 ±$60
Percentage Of Renters Overburdened 21.81% ± 14.29pp
Total Population 1,650

Population and Household Demographics

Oakwood is a City in Vermilion County, Illinois with a population of 1,650. There are 727 households in the city with an average household size of 2.27 persons. 25.86% of households in Oakwood are renters.

Income and Rent Overburden in Oakwood

The median gross income for households in Oakwood is $50,048 a year, or $4,171 a month. The median rent for the city is $639 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Oakwood, a household making less than $2,130 a month would be considered overburdened when renting an apartment at or above the median rent. 21.81% of households who rent are overburdened in Oakwood.1

Area Median Income In Oakwood

Affordable housing program eligibility is always determined by one's income. Each household's income is compared to the incomes of all other households in the area. This is accomplished through a statistic established by the government called the Area Median Income, most often referred to as AMI. The AMI is calculated and published each year by HUD.

HUD often uses an area larger than a city to determine the AMI because HUD anticipates those searching for housing will look beyond individual cities during their housing search. For Oakwood, the AMI is calculated from all households within Vermilion County.

In Oakwood, HUD calculates the Area Median Income for a family of four as $59,300

Most affordable housing programs determine eligibility based on the percent of AMI a given household's income is. Among the programs that determine eligibility based on the AMI are Section 8, HOME, LIHTC, Section 515, 202 and 811.

Rental Assistance in Oakwood

Rental assistance is a type of housing subsidy that pays for a portion of a renter’s monthly housing costs, including rent and tenant paid utilities. This housing assistance can come in the form of Section 8 Housing Choice Vouchers, project-based Section 8 contracts, public housing, USDA Rental Assistance (in Section 515 properties) as well as HUD Section 202 and 811 properties for elderly and disabled households.

Income Qualifications for Oakwood HUD Rental Assistance in Oakwood

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $13,950 $16,910 $21,330 $25,750 $30,170 $34,590 $39,010 $43,430
50% of Median $23,250 $26,550 $29,850 $33,150 $35,850 $38,500 $41,150 $43,800
80% of Median $37,150 $42,450 $47,750 $53,050 $57,300 $61,550 $65,800 $70,050

If your income is less than 60% of the Area Median Income (AMI), you should not expect to pay more than the rent value for a unit in the table below. However, Affordable apartment communities that receive funding through the Low Income Housing Tax Credit program may have rental units that are not subject to income and rent limits.

Rent limits for the LIHTC Program are determined so that a household making the maximum income for the expected household size of the unit would only pay 30% of their income for rent.

Income Qualifications for Low Income Housing Tax Credit Apartments in Oakwood

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
50% of Median $23,250 $26,550 $29,850 $33,150 $35,850 $38,500 $41,150 $43,800
60% of Median $27,900 $31,860 $35,820 $39,780 $43,020 $46,200 $49,380 $52,560

For example, the expected household size for a two bedroom apartment is 3 people. Using the table above, the maximum income for a 3 person household at 60% of the AMI in Oakwood is $35,820 a year, or $2,985 a month. To determine the maximum rent in the table below we multiply the monthly maximum income, $2,985 by 30% to get a maximum rent of $896 a month.

Rent for units in the LIHTC Program include a utility allowance which is determined by the average monthly cost of utilities paid directly by residents. This allowance has not been subtracted from the rents in the table below. These utility allowances are set on a property by property basis.

% of AMI Studio 1 Bed 2 Bed 3 Bed 4 Bed 5 Bed
50% $581 $623 $746 $863 $963 $1,062
60% $698 $747 $896 $1,035 $1,155 $1,274
Fair Market Rents in Oakwood

Fair Market Rents, often abbreviated as FMR, can be used to better understand the average housing costs of an area. Notably, Fair Market Rents are used to establish the payment standards for the Housing Choice Voucher Program, maximum rents in HOME financed rental projects and initial rents for Section 8 project based assistance.

2020 Fair Market Rents
Studio One BR Two BR Three BR Four BR
$482 $572 $740 $969 $1,002